Skip to main content

tv   Lou Dobbs Tonight  FOX Business  April 6, 2013 4:00am-5:00am EDT

4:00 am
>> very good evening. i'm n for lou dobbs. the s&p and nasdaq suffering the worst week of the year after the recovery and the roadblock. hiring rose sharply with the economy adding only 88,000 jobs, well below annual estimates of 200,000. the worst job creation since june of last year. the unemployment rate fell from 77 to 76. don't get excited. that is only because 496,000 americans dropped out of the work force last month. deliver participation rate fell from 63 and and a half to 63.
4:01 am
the lowest level since 1979 when jimmy carter was president. even president obama's former economic adviser saying, this is a punch to the gatt. stocks plunged as a result. although they ended up recovering more than half there earlier losses, the dow did end the session off 41 points. the s&p finished down seven and the nasdaq down 21. analysts saying the cell in may and go away strategy is starting, just a little early. we will be talking about the jobs report and market direction , the senior u.s. economist with deutsche bank securities. also, north korea telling foreign embassy staff to consider leaving as tensions flare. joining us on that, our party's national security analyst k t. mcfarland and john bolton. and disturbing news showing a surge in illegal immigrant border traffic.
4:02 am
heather macdonald from the manhattan institute this year, and she will discuss the impact of that on the congressional effort, as you know, to pass immigration reform. details o the president's budget proposals also out today with both the left and right crying foul. the president's plan plans to reduce the deficit by almost 2 trillion through a balanced approach to spending cuts, intel now reform, and, of course, raising taxes on the wealthy. th details, the very same day the congrsional budget office announced that the current deficit for the first half of the fiscal year came in at $601 billion. the president's budget will be released on wednesday. fox news chief white house correspondent ed henry has more in this report. >> president obama has finally brought all sides together over a budget. the left apoplectic over cuts and the right furious about more tax increases. even his own aides suggest he is not sure about the plan.
4:03 am
>> not what he would do if he were king or only people who supported his proposal or in congress. it is what he believes is a fair and balanced approach to a deficit challenge. >> the new budget is built around the president's final offer a republican speaker walked away from in the fiscal cliff talks. though he quickly noted today, in the end of the president got his tax hikes on the wealthy with no corresponding spending cuts. at some point we need to solve our spending problem. what the president has offered would leave us with a budget that never balances. another problem, rising a position on the left over chased cpi which is cutting social security and other federal programs by adopting a republican plan to slo increases in benefit payments by changing how inflation is calculated. >> it protects our seniors. it does not go the republican route of eviscerating social programs and voucher rising medicare. >> except independent senator
4:04 am
bernie sanders, a socialist from vermont sharply disagrees, declaring millions of working people, seniors, disabled veterans, those who have lost a loved one in combat and women will be extremely disappointed in president obama caves into the long standing republican effort to cut social security and benefits for disabled veterans and their survivors through a so-called changed cpi and even the president himself agreed with that criticism during the 2008 campaign when he slammed republican john mccain. >> that mccain and -- the mccain campaign has gone further suggesting the best answer for the growing pressures on social security might be to cut cost-of-living adjustments or raise the retirement age. let me be clear, i will not do either. >> well the president is not proposing a hike to the eligibility age, he does want to cut the cost of living adjustment. it will also affect how tax bracke are adjusted, so some middle-class people will see there taxes go up and he could cut disability benefits for
4:05 am
veterans up to $3,000 per year, even as the administration claims it will increase other benefits by 4%, of the president's aides say he is convinced he could bring along democrats if republicans gave over taxes. >> of the republicans are willing to move off of their position, at least the ones that the leaders have staked out, the wealthy should not pay another dime, the president is coinced that he can lead democrats to a compromise solution. >> republicans charging tonight that that simply does not add up in part because the president wants to do away with a sequester which has over 1 trillion to the deficit. the white house counters that they have just under 2 trillion in new deficit cuts between spending cuts and new tax hikes that we will seek details of until next wednesday. lori: ed henry, fox news chief white house correspondent. turning to the latest on the number three nuclear crisis. today, they warned nations with embassies in the capitol city of p'yongyang to evacuate there
4:06 am
staff by april 10th. that is when the kingdom says it cannot guarantee the safety of war breaks out. this is the latest intelligence which indicate mockery has moved to medium-range missiles to its east coast. >> we have obviously seen the reports that north korea may be making preparations to launch a missile and we are monitoring this situation closely. we would not be surprised to see them take such an action. we have seen them launched missiles in the past. the united nations security council has repeatedly condemned them. lori: joining me now to discuss this tense situation in the asia-pacific region, fox is national security analyst k. t. mcfarland and john bolton, former u.s. ambassador to the united nations. north korea acting like a petulant child, what is the real threat of them actually launching a missile? >> they act like a petulant child every year in do the same thing where they say, if you don't give us what we what we will have another crisis.
4:07 am
the difference is this year they have nuclear weapons. lori: your reaction, how serious of a threat are we looking at? >> i do not think it is likely that north korea will attack anybody, but it is here that they're getting ready to launch one of these mobile missiles as a demonstration of a capability, both in range and accuracy. the risk is,hey could, to show that they have this capability, and for a point in the pacific ocean 50 miles north of our bases on guam. because no one will vouch for the accuracy of their ballistic missile guidance systems, it could hit guam. that is why we are concerned. that is why south korea is concerned. we should be concerned any time this regime, which is not rational by our terms acts in this way. lori: what is the proper u.s. response? >> sure it down. what they will do issue of the missile. lori: what do you think the
4:08 am
credibility is? >> we don't know, but i think that tir missiles have the ability to reach alaska, hawaii, guam. now, if they don't yet have the ability to reach the continental united states, they will. is just a matter of time, but it is important to step back and say where are we. we have been saying for years, the bush administration, obama administration, north korea, you cannot get nuclear weapons. guess what, they have them. guess who is watching, it is the iranians, and they have to assume that if they cannot stop it from getting their weapons, what will stop them? lori: it is the message. we know the u.s. has sent billions of dollars in aid to north korea. they say this is all in an attempt to a feed their citizens. what is the end game? hawkins. >> recognized as a nuclear weapon state. it would imply acceptance into
4:09 am
the international community, much the same way after telling indian pakistan for years don't test their weapons. they did. there were sanctions. there were lifted, and we now accept the mess with their weapons. that is what the objective is which is why the notion that you can initiate and their is a wet let them climb down, it's very misguided. signs of our weakness are indecisive and simply play into their strategy. lori: brand new secretary of state, brand new. a lot of new players. and we know that the president had to deal. so what happened? was there no transition in terms of understanding what our relationship between the north koreans and america is? you know what i'm getting at. >> and you make a really good point that i think is worth emphasizing. new leaders in all these countries. trying to show the world that he
4:10 am
is just as tough as dad was, just as tough. the new south korean president that has been in less than a month. the japanese leaders. the chinese leaders, also considered to be quite hoggish. the likelihood that one of these new players get something just a little warm that is why we are on a hair trigger. it is not the odds i worry about. it is the station. i think it is the sake. lori: we talk about a geopolitical threat. china is the real deal. this could almost present an entree for the u.s. and china to mend some of these issues. >> maybe, maybe not. former australian prime minister yesterday said the chinese are making a lot of signals that they want to have a renewed
4:11 am
strategic relationship with the united states. maybe that is bluster or maybe there is something to it. it is certain is something worth pursuing. at the same time, they want a new situation. whenever we do in northeast asia with regard to japan, south korea, north korea, china, we want to get this right because next spring it is only going to be worse. lori: secretary of state headed to north korea. your thoughts on how effective that will be in your last word on the subject. >> i think he has already indicated that he has to try and find some diplomatic way to allow north korea to climb down without losing face. in his the right thing that is a very misguided way to approach this. this confirms to the notorious. we have no real strategy. in that thing that is the signal not simply to north korea, but
4:12 am
do a lot of other would-be nuclear weapon states. lori: and there we are. thank you. much more later in our broadcast. shrinking. you will not believe what the band now. more jobs numbers caused the market stumble. his assessment of the obama economy.
4:13 am
4:14 am
4:15 am
♪ lori: welcome back. good friday evening. i'm lori rothman, filling in for lou dobbs on assignment hosting
4:16 am
an awards dinner in washington d.c. the dedicated to helping disadvantaged young people overcome adversity through har work and determination by providing academic scholarships and mentoring programs. lovely evening. can't wait to hear more about it. a tough day for economic news. well of the worst levels of the session. lost 41 points. the s&p down seven. now on the week, the comeback at the end of the day felt just shy of a positive week with the index down less than a tenth of a percent. however, but the snb and nasdaq turned in their worst weekly losses of the year. s&p 501% and the nasdaq down 2%.
4:17 am
boeing is completing the certification testing for its new battery system on that long troubled 787 dream liner. the data now goes to the faa. boeing stock up nicely on that news. prices rose up $23.50. oil fell to below $93 a barrel. treasurys, big move. the ten year down again, a new low for the year. falling as low as 168 during today's trading session. my next guest says underlying momentum remains intact. senior u.s. economy for deutsche bank securities. great to see you. enjoy your perspective. 88,000. looking for 200,000 barrels. does it concern you? >> allows the report. so without a doubt we can not sugar coat the report. the unemployment rate fell for
4:18 am
all the wrong reasons. people throwing in the tall. we saw weakness throughout the hiring numbers. march really was the bust. >> january and february jobs were revised higher, almost as if job creation fl off a cliff. net gains demobilize such a difference? >> well, something happened in march which is a question. lori: frustration? >> the fear mongering. so with the case of we only have -- no, the only thing to fear is fear itself, all of this political grandstanding from the president, the congressional leaders highlighting the doomsday scenario. well, it went into effect. we did not see a large up-front impact. hover, households and businesses were so concerned with what those attacks would be at the helm of. we saw business sentiment collapse, and that the business
4:19 am
said, let's hold off on that hiring plan until possibly april. lori: one thing that did happen that is the true fundamental is the payroll tax increase. people feeling that already. this did lead to a cutback in jobs. >> without a doubt to my tax increase is a break in the economy. it was depressing hiring. would have seen more evidence of that in january into february, so i think some of the concern of the sequestration that led to this boss. we will have to watch the near term dated to see if things turn around. in early gates could be next week's preliminary reading of consumer sentiment which will be out of friday. also, weekly unemployment claims filings have been all over the map backing up sharply of the past two weeks. that may start to head lower and will be an important signal that this is just a captain at the beginning. lori: you are now ready to say
4:20 am
that we are one bad month. the white house released its budget, including tax hikes and medicare cuts. how would the economy digest that if there is no question of whether or not these tax hikes and the payroll taxes are influencing business decisions on hiring? >> i think we are going to see that in the second quarter. the problem is, this budget comes out next week. it is really dead on arrival. that brings up the concern of the debt ceiling, something we have not thought about in a while. pushed back to may of this year, but really weekend will our way through. a ratings downgrade and the economy slowing, so if this budget is really a nonstarter, and it looks like it is back to the drawing board with no compromise in sight we could be facing another late summer slowdown and the economy certainly does not mean that. lori: we have to go, but i am wondering if this is finally
4:21 am
terminated that this proposal which continues to see from the white house whether they want revenue increases, we are seeing how it is such a crimp on economic growth. >> i certainly hope that is not the case. data it will be telling. the one ray of hope is consumer spending is holding up. retail sales. lori: the good old american consumer. always a pleasure. coming up, newly unsealed court documents shedding light on the run-up to the our shooting. "dobbs law" is on this case. and they're concerned that immigration concern is feeling a run for the border. that a
4:22 am
4:23 am
4:24 am
♪ lori: the stats shows significant increases in the arrests of those attempting to cross the southwest border despite the claims of common security secretary that the border is more secure than ever. fox news correspondent with our
4:25 am
report. >> i can tell you that having worked at border for 20 years, it is more secure now than it has ever been. illegal apprehensions are at 40-year lows. >> not accurate. up 13% from to "lou dobbs tonight." >> trying to lead us to believe that this order is more secure than ever. there is no evidence that is true. statistics go up and down it seems to have it both ways. >> looking at the first six months of the fiscal year apprehensions increased by 27,000 says 2011. historically, that means more illegal immigrants are also eving the border patrol. in arizona and california, apprehensions are down. the texas. the arrests surged 52%. it turned the ball% in el paso
4:26 am
and 22% in laredo. ignoring those numbers. >> all the different measures one looks at across the border. they are all trending in the right direction. >> border ages say word is spreading like wildfire. they need to get into the u.s. before cut off date. 24,000 guatemalans, hondurans, and 14,000 from el salvador arrested border-wide in the last six months. >> we intended to your from the department of common security it basically it is mission accomplished at the border. >> defining border security differently, money, boots on the ground, technology. critics disisagree. it is about how many people get stopped and how many get in. lori: okay.
4:27 am
fox news correspondent. thank you. much more on the illegal immigration border security debate coming up later with at mcdonald from the manhattan institute. the associated press once again giving in to political correctness. journalists around the world, no longer using the term as llamas as a synonym for islamic fighters, milant hamas extremists -- extremists, or radicals. you can call them islamic extremists, but not extremists. the advocacy group lobbied for the change. earlier this week, you probably remember, the language police announced they are dropping the term illegal immigrant. as the world economy teetered on the brink five years ago, three men holding no elected office took charge and prevented a repeat of the great depression. here to tell us aut these men in his new book, the alchemist. the fallout tonight over the
4:28 am
shocking video of the former rockets basketball coach abusing his player. and prosecutors get aggressive with the sexual harassment expert witness for the defense. our "dobbs law" panel tells us that it was a major mistake this right here is the closet we were in.
4:29 am
4:30 am
that was the only thing left of the house. the only thing. red cross helped us and they've literally got us back on our feet. huge outpouring of love just going, "people care." we didn't come out of there saying, "wow, we lost everything!" we came out of there hugging each other, glad that we were okay.
4:31 am
♪ lori: and court documents revealing a psychiatrist, homicidal thoughts one month before the overall movie theater shooting. according to records, the psychiatrist told police that he threatened. campus police are not commenting on developments, but in the days after the attacks they said they never had any contact with them who was a graduate student in school. member of a white supremacist gang is in custody tonight being questioned in connection with the murder of a colorado prison chief tom clemens last month.
4:32 am
he is believed to be connected to the man suspected of killing clemens to died in a shootout with texas police. thirty-one year-old, another known associate is still at large and wanted for questioning police say he is considered armed and dangerous. another bizarre twist in the murder trial, testimony centers on a fairy tale character, a domestic violence experwas questioned about a presentation and she gave which found tt snow white was a battered woman. the prosecution pastor about finding abuse in situations she is unfamiliar with including mips. things that heated and the prosecutor asked about the expert evaluation techniques. >> you interviewed them. you ask questions. u.n. assessment. so when you're interviewing you're not talking. mr. martinez. >> my question is, are you talking, yes and no. >> a year angry at me?
4:33 am
>> is that important to you? >> please sustain from laughing in the courtroom. lori: that was interesting. it's get some perspective. pleased to welcome criminal defense attorney and fox is contributor. criminal defense attorney and former defense attorney. let's start with this prosecutor very aggressive for the prosecutor. seems like he is over the top. does he need to be this assertive? >> of mind legal analyst work i try not to quarterback. this case could go on forever, so i have no choice. when you are a prosecutor, as i was, you need to be as professional as possible. it is never supposed to be personal. just the way you are, when you are reporting the news, you're not supposed to be emotionally invested in reporting the news. he is screaming at this woman who is a professional. so you're supposed to give for
4:34 am
the courtesy of not treating her that way, number one. number two, he is the man, she is the woman, screaming at each other. that is why those observers crackdown because that is that tactic is taken. whether it works with the jury air now we will find out at memorial day when they come. lori: you raise so many great points. let me give you to weigh in. what do you think of the prosecutors' tactics? and the over the top? >> i completely agree. he is definitely of the top. think the frustration of this case is showing and wearing a martinez, even in trial for 36 weeks, frustrated that the defense is putting on defense experts that talk about fairy tales in this case. so i think that his aggression is warranted, but it can definitely be off-putting to jurors. lori: getting back to the mechanics of the case, the domestic violence expert has said that she believes that jody was in an abusive relationship.
4:35 am
does that get her any more leeway in terms of avoiding the death penalty? >> if she testified better it may. if she said because of the repeated abuse i was a battered woman, therefore she suffers from better woman syndrome. this guy coming after scared her more than the average person and therefore she acted the way she did and should not get the death penalty, yes, but she did not really testify to that. she said now was not afraid at some point. lori: let's move on because i think you are just exhausted. let me give you to address. more and more depressing. such a tragedy, especially now that we are learning that the psychiatrist was evaluating him had warned colorado campus police that he was a threat. skidmore have been bad? what will happen with this information? >> there will be some finger-pointing because authorities were notified which under the duty of the psychiatrist, if they are told that someone is going to harm
4:36 am
someone are murder someone, you have an ethical obligation to tell law enforcement. now this huge tragedy occurred that potentially could have been prevented, so i think that is going to look poorly on the campus authorities and potentially any other law enforcement a season or informed lori: does it give him any sympathy? will you be able to plead insanity? >> probably heading in that direction. he is offered to plead guilty and spend the rest of h life in jail. >> they said no way. >> i would hope that they gave some sort of questioning of the deceased family. abiding by their wishes because i would prefer he would go and a box and we never see him again as opposed to being on trial for aaother year. we will see camino, which direction the case goes. right now we're having an erection of a trial. lori: thank you so much. >> thank you. lori: all right.
4:37 am
president obama generating controversy. this time for commenting on an attorney generals deadlocks. we will tell you why the complement backfired. lawmakers in both the house that -- house and senate working in secret. heather macdonald from the manhattan institute is here. why the deals that are being worked out are far from the worked out are far from the public eye.
4:38 am
for the thousands of wounded warriors returning from battle, wounded warrior project has developed the warriors to work program, a career counseling service that helps wounded warriors translate their military experience to a civilian job. these extraordinary men and women bring more than st teamwork and inspiration to the workplace. they bring proven world-class job skills. and to ensure proper placement, wounded warrior project works with employers to find just the right job fit.
4:39 am
talented, skilled, and eager to get back to work. you have the opportunity to hire a seasoned veteran. contact wounded warrior project at findwwp.org. welcome home the brave.
4:40 am
♪ lori: the gang of eight immigration proposals still facing an uncertain future. senator jeff flake of voicing his concerns. >> as part of this legislation obviously we will provide a lot of additional resources for the border. what we really need is further vhs to develop a plan to get there and to determine what a secure border really looks like. and we really have not had the cooperation that we need so far.
4:41 am
lori: today republican members of the senate judiciary committee of blasting the gang of eight over the lack of transparency concerning a proposal. here to discuss the future of comprehensive immigration reform as well as border security, manhattan institute fellow at city journal contributing editor, and the mcdonald. so your thoughts on this lack of transparency from the gang of a negotiation. what are we missing? >> well, missing a lot of the backroom deals, but i think we're going to have transparency in the future. i am not so worried about the negotiations up to now, but i think what we need to year is what will be the impact on the 27 million americans without jobs who have only high-school degrees. lori: just a comment on why that strategy, why they're doing it in the specter of fashion? >> i think they don't want the press following all of the trades that are going on. net income you know, that is understandable. they want to get something out there. the republicans, the leaders are pressuring to get something out
4:42 am
there based on the fallacy that believe ms. tan's between the republicans and the hispanic voters is amnesty command that is not the case. lori: in other words, areas of preferred legal status of gradual suspension? my understanding that directly? >> no. my point is that the republicans believe that they can pass an amnesty and get a whole lot of new hispanic voters. what turns hispanics off to the republican party is there economic policies. eleven obamacare. they love big government. they love my taxes. this whole ccede on the part of republicans is just fake. and as far as border security, what really matters is not just what is happening on the texas and california and arizona borders. what matters is what is happening inside. lori: i want to show you the statistics, but i want to get your opinion on senator marco rubio and ted crews breaking above a little bit. you know, he seems to be a most
4:43 am
reasonable, at least in my view in terms of how all this was negotiated and how the news did present itself to the press in recent weeks and really in particular this pathway is citizenship. does that sw that the negotiations that are in secret right now might not be going as well for either side? >> i think there are going well. we have the guest worker program which i believe marco rubio promoted by saying if we don't have a guest worker programs we will have 10 million new illegal aliens in a decade, was completely undercuts this fine the border security will be a given in this. lori: even though senator cruises vowing to oppose that legalization. >> said think there republican leaders are just so determined to do this. we will have hearings, but we will get this bill. lori: does talk about the border arrests in the numbers. these numbers were put out. we can repeat them. the southwest border has grown less secure. reporting in the last two years
4:44 am
time increased by 27,000. in texas, arrests and the last six months are up 62%. does that expedite things? would you make of this? the problem is not improving. >> right. and the fans a situation, once you get into this country you are basically guaranteed no deportation. the republicans want to show that they're serious about enforcement, not just border patrol, but we want an absolutely secure e-rarefy. fox business no funding for sanctuary cities. they're basically saying to illegal aliens come here and your own free. we will absolutely insist on secure communities which allows local sales to report illegal alien criminals. right now you have city after city withdrawing from that program. if we cannot even enforce immigration law against criminals, there is no way that when this bill passes we are going to have enforcement against people who come here illegally in the future.
4:45 am
lori: the ap basically taking the term illegal immigrants out of its dialogue. is that ridiculous? what do you think was behind that? >> it is an argument for the future and exactly the direction we're going in. lori: in favor of that? >> at think it is absurd. of course, if you are here, the law uses the term illegal alien by definition there is such a thing as illegal aliens. this means we are becoming increasingly paranoid about making this distinction. you have the left and immigration advocates pushing incessantly for yet the that there should be no distinction between legal and illegal immigrants which is what we will see in the future. lori: thank you so much. all right. up next, target forced to apologize. what they did tagger more than a few women. and first lady michele obama apparently forgetting she is mary from. >> second. as of the time or some
4:46 am
4:47 am
4:48 am
4:49 am
♪ lori: a federal judge ruling today that the morning after pill be made available over the counter without a prescription and with at idea to girls of all ages within the next month. right now all the women age 17 or older can obtain emerges to contraception bills without a prescription. the judge to strike down those age restrictions also slammed the obama administration saying the food and drug administration decisions regarding the bills were arbitrary, capricious, and unreasonable. resigning three days after the video went public a former basketball coach mike rice physically and verbally abusing players in practice. when he firs saw the video back in november he wanted to fire him on the spot.
4:50 am
he says consensus among school officials at the time was that he should not be dismissed. finally fired on wednesday, four months after directors became aware of footage showing him abusing players in practice. they say police officers are never really off-duty, and no one knows that better than police corporal. security footage shows some spring into action after seeing all muslim attack a tsa agent at honolulu airport recently. on vacation and had just taken off is used to get through security when he heard a loud crash, vaulted over a security barrier and then through this summer as woman to the ground in a submission of. you can see it there. she was arrested and charged with assault. reports indicate the woman attacked the tsa agent after being asked to put out her cigarette. retailers think twice before naming. target was forced to apologize at any minute color of a great
4:51 am
plus size dress manage the rate. the same dress in regular sizes is labeled darken other great leading some to wonder whether target was trying to imply something. an online shopper picked up on the distinction, tweeted her outrage, and the story quickly went viral, which is how we got our hands on it. okay. president obama getting mixed reaction ever consummated a california fund-raiser yesterday . saying this about california attorney-general, harris, brilliant and dedicated. tough. she also happens to be by far the best looking attorney general. some are defending the president. others labeling the remarks sexist. the president called late yesterday joe paula as for their mark and the distraction caused. firstly michele obama also grabs the headlines of her own for ransom but yesterday. >> believe me, as a single mother or i shouldn't say single, as a busy mother sometimes, you know, when you
4:52 am
have a husband who is president and can feel like you're single, but he is there. lori: she recovered well. you know, working moms. they have a tough sometimes. next, five years ago these three men were suddenly the most powerful men in the world. a new book, their efforts to contain the panic that threatens to bring down the global system. we're j
4:53 am
4:54 am
4:55 am
lori: my next guest says while the most intense phase of the financial crisis is over, challenges for the central bafngers are great as ever. the new look looks inside the power of the central bank and the threat to the role of the central economy. neil irwin joins us. your book centers on 2007, the financial crisis brewing, the economy on the verge of falling
4:56 am
off the cliff, but ben bernanke, the federal reserve chairman, and central bank presidents in england, europe, they get together, announce an unprecedented coordinatedded effort that people believed saved us from a second great depression. pick it up there. >> we think of this as the u.s. crisis, sub prime mortgages, lehman brothers failed, all the stuff we know well, but that was the beginning of the bigger and global story. i try to trace the evolution from the subprime mortgages to europe and back again, and over and over, what you see is it's not just ben bernanke dealing with it, but really this insular close-knit club trying to find ways to work together to respond on a scale that matches the problem. lori: theseare unelected officials with tremendous, some say overwhelming, too much power even, and they acted at light speed with all of the stimulus and bank bailouts, and this and
4:57 am
that. what do you think we learned from that action and how unprecedented it was. >> it is troubling there's a lot of principles that becare about. lori: you covered this, the central banks since 2007, the financial crisis for the "washington post," and it was interesting. the frequent guest on the program as well review the the book saying you thought central banks is boring, usually is, but not when neil irwin writes about it. what are the details? >> what's the vignette, if you
4:58 am
will? >> they get together six times a year, they have these long sessions talking about economics that are serious. they have these long sessions stocking and economics. they also have private dinners at night. a sense.@ the conversations are very guarded, these are kind of the world's most exclusive dinner parties, delicious food, i'm '06 is a dinner parties. settlements, the bis. the countries view themselves as a each that was aiming at -- trying to keep the global lahood that's going to be the big question for the future. all the quantitative easing, the money printing that the federal reserve es, $2.2 trillion to date, does it create a situation where inflation is out of
4:59 am
control? lose control of the ability to raise interest rates, to sell off the bonds, will they have the political will to do it when the time comes, or will politiciansssay we love low interest rates, easier to issue debt. don't raise interest rates, will they do it? lori: what do you think? this is your beat. >> i think they have the power, the pll will, not the power, they he the power, it's about will. what we learned in 30 years is that's central banks, independent from politics, they have the ability to be tough like that. lori: the book is trying to create money out of thin air. >> trying to create gold out of thin air, money out of thin air. lori: clever title. thank you. >> thank you. lori: the book is on sale on line and on bookstores now. that's all for lou dobbs tonight. it was a blast. we'll speak with ted poe of texas, congressman of oregon, and thein

111 Views

info Stream Only

Uploaded by TV Archive on